What will you do when you know that just opened the wrong position or entry?

difficult for the newbie trader like me to make an entry in the right position. this is usually due to impatience in the trade. in fact rarely because of doubt and nervousness so quickly closed position. so fast that the funds in the trading account is reduced.

when I found out I had just opened the wrong position entry then I immediately take a look to the higher timeframe and the possibility margin that I have to cover it? if sufficient, then I let the floating minus, but if not then I immediately opened a new position in the opposite direction to the previous position.

How about you?

i think that sometimes it happens that due to the pressure of forex trading, we will open a wrong position ...so it is the best way to accept that spread loss and close that position....because if we keep it open, then it can be proved more dangerous and can make us to loose alot of money.....

I always tried to discipline. I always put a take profit and stop loss at the beginning of trade. with bagitu, even though the price moves against the position, the loss in accordance with that we put sl. This is the risk of forex. we should be able to accept it.

if I feel I am wrong in the open position the first thing I did was install SL to secure my account, I rarely directly close the position when I feel one open position.
I always hoped that I open up the correct position,:D so if I open the wrong position I was always waiting for him to be a boon or SL that I have touched the place.

of course this is also happened to me at the beginning many times , i tried to solve this problem by putting a stop loss to my trade , i think it has a great advantage to me as it put a limit to my loss .

I just close my position when I feel it goes agaist my position, but after closing in loss and when I see that it goes at that point where I set stop loss then I became so much disappointed then, I think it needs more experience and knowlege to know the direction of trade.

Actually this kind of trading comes from lack of proper knowledge about forex market. But i always maintain a system. I give a trade when i get confirmation from my analysis. I always put stop loss and take profit at the beginning of my trade. So, there is no chance for me to opening a wrong position. Thanks

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Originally Posted by twinkling star

I just close my position when I feel it goes agaist my position, but after closing in loss and when I see that it goes at that point where I set stop loss then I became so much disappointed then, I think it needs more experience and knowlege to know the direction of trade.

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good to know that in my research in forex trading just short time there are nobody perfect in there trade sometime professional trader do a mistakes and there trade goes on wrong trend entry also.but while the question is we are beginner so we need to close our trade immediately when we know our trade open wrong position entry .

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Originally Posted by kashifrehman

Its better to close that trade immidiately because its better to close it on other wise if we keep it than may be it bring loss more than our expectation. I always close my trade when i realize that i make a wrong decision about entry because that release my tentiona nd provide another chance to open fresh trade.

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yes, I agree with your opinion. it better immediately close the open position if you know wrong entry. to avoid worse loss, and also in order to open a fresh trade. This is especially useful if there is a limit to open a trade position. for example, maximum is 3 open position trade. so, by closing that wrong entry trade is very useful to be able to immediately start trading again.

If I will open a wrong position then I will close it just after I realizing that I have opened a wrong position. I have come across this type of situations many time s and all the time I had taken the right decisions.

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Originally Posted by s19

if i find that i open wrong trade and its just open than i close that trade.
but after making some big loss at that time i open other opposite trade.

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If we are wrong in the transaction we have to get out of the market. we look again at whether there are still opportunities that we have further analysis. so that we can get a price we want and we anlisa for immediate re-entry

l always use 1 hours chart the prevent from the wrong signals.when we will use small time frame like 5 m or 15 m we may see so many wrong signals.as long as a trader will always place his sl and tp then there is nothing to worry.but if you are very sure that it is totally wrong position then the best way is to quit from it very fast and place another order to opposite direction.

when I do wrong open position, I often immediately close the position, than I have suffered greater losses, unless it was sideway, I usually wait a while, until the position is a profit, although very small, just 1 pips for example, then I close

I think if we either put up a better position then we immediately closed position before we have an increasingly large floating and open position and make open position in the right direction......

If I have known that I just opened the wrong position of entry,I think I will close the order immediately.You know,I have traded the opposite trend,if I do not close the order,I think the trend will go far,which will result us lose more.So in this case,I choose to close the order.

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Originally Posted by lights

when I do wrong open position, I often immediately close the position, than I have suffered greater losses, unless it was sideway, I usually wait a while, until the position is a profit, although very small, just 1 pips for example, then I close

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That's right. It's better cut and switch when you knew that your open position was wrong, if that is possible you should
close it immediately so you won't lose more dollars. But if that is possible, you must know the limit too. If the losses still
could be reduced because the movement could be better, then it's okay to wait a second. It's all depending on situation too.

i just open hedging system or cut loss the order with immediately, and i do not want to hold floating minus too big, and we know that wit using edging then i have the chance to convert the loses with winning or profit, but need ability for it

Jab wrong position pe trade ger jata hay tab bohot mushkil ka samna karna parta hay. aksaar hum galti se aaysa position pe trade de dete hay jiski hume knowledge or analyses nahi kia. tab hum trade ko close kar dete hay or agaar thora nuksaan sath sath dikhai parta hay tab thora integaar kartehay.

All traders could make wrong analysis so they will open position in wrong direction, if we have realized that we opened position
in wrong decision, we can choose risk management strategy to limit losses. If you're still confident if movement of price could move
as your analysis few more pips, then you can let it running and close it when the losses is lower. But you must have limit to close it,
and also you can use hedging to lock position and unlock it later when there is better condition.

Once realised the mistake i think the first thing we should do is correct the mistake and so at times when we know that the trade we opened was unintended or unwise we should correct the mistake by closing it.

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Originally Posted by malik

This stage is not only difficult for novice traders but some times experienced traders also execute trades in wrong direction and get involved in troubles. I did the same while trading gold and now i am dealing with hedging for more than 4 trading days. I think best option is the close the trade manually at the lowest possible losses.

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close of trading manual that terlelak against losses that may be low but we are responsible, although an effect on our trading circumstances, to that we also have to understand these stages so as not to fall again against losses worse

i just open hedging system or cut loss the order with immediately, and i do not want to hold floating minus too big, and we know that wit using edging then i have the chance to convert the loses with winning or profit, but need ability for it

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Originally Posted by kashifrehman

Its better to close that trade immidiately because its better to close it on other wise if we keep it than may be it bring loss more than our expectation. I always close my trade when i realize that i make a wrong decision about entry because that release my tentiona nd provide another chance to open fresh trade.

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Yes you are right. If we got any wrong point for trading then we need to close it immediately. if we can't do this then we can loss more balance on that time.

if it happened to me, then I would immediately close the transaction and be OP again with the correct position. in this business we must not suppose, do not rely on instinct, but must be based on the facts and realities that exist. markets are unpredictable, uncontrollable, but we can follow to make a profit.

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Originally Posted by iwan

if it happened to me, then I would immediately close the transaction and be OP again with the correct position. in this business we must not suppose, do not rely on instinct, but must be based on the facts and realities that exist. markets are unpredictable, uncontrollable, but we can follow to make a profit.

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If any of us get so close it straight up from the sustained, because although there is little loss is a loss, that if the let alone make us lose some of the capital that we keep,if we need to stop until we are completely convinced by the analysis

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Originally Posted by joko

All traders could make wrong analysis so they will open position in wrong direction, if we have realized that we opened position
in wrong decision, we can choose risk management strategy to limit losses. If you're still confident if movement of price could move
as your analysis few more pips, then you can let it running and close it when the losses is lower. But you must have limit to close it,
and also you can use hedging to lock position and unlock it later when there is better condition.

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each trader can indeed make a mistake in trading. but we should not feel afraid to make mistakes. because of the error, we can make improvements in analyzing and strategizing. so that we can do can make a better trade for the next.

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Originally Posted by raka999

I always tried to discipline. I always put a take profit and stop loss at the beginning of trade. with bagitu, even though the price moves against the position, the loss in accordance with that we put sl. This is the risk of forex. we should be able to accept it.

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That's right I am fully with you , this is my way of the money management and I stick on it, I always set the take profit and the stop loss after I open a position and wait what will happen.

I always tried to discipline. I always put a take profit and stop loss at the beginning of trade. with bagitu, even though the price moves against the position, the loss in accordance with that we put sl. This is the risk of forex. we should be able to accept it.

This stage is not only difficult for novice traders but some times experienced traders also execute trades in wrong direction and get involved in troubles. I did the same while trading gold and now i am dealing with hedging for more than 4 trading days. I think best option is the close the trade manually at the lowest possible losses.

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Originally Posted by babu

This stage is not only difficult for novice traders but some times experienced traders also execute trades in wrong direction and get involved in troubles. I did the same while trading gold and now i am dealing with hedging for more than 4 trading days. I think best option is the close the trade manually at the lowest possible losses.

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when we make a mistake in making an entry, then we can take advantage of the use of hedging strategies to help us. so that we can reduce the loss or even make a profit. but if you do not want complicated, then it could use a cut loss to get out of the market. so it does not make the loss becomes greater.

if you make a mistake after entry, a moment I felt nervous. especially if the lot that I use quite large. but, after that I tried to calm down. I see in the big time frame, such as H4. if it is still possible to hold the floating, then my position is not closed, just put a stop loss.

if i just opened the wrong position of entry, i leave it because i have prepared for my entry with 200 pips equity. so i don't care when the price opposite with my entry. with the money management, i predict the price will be back to my entry and the fact, the price will back and i get profits although my entry has floating minus firstly

I have done if I had just opened trading positions, and one that I should be able to cutloss and accept the loss. cutloss can minimize our risk. maybe we will try to analyze back in calmer conditions and waiting to take the position correctly.

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Originally Posted by joget

difficult for the newbie trader like me to make an entry in the right position. this is usually due to impatience in the trade. in fact rarely because of doubt and nervousness so quickly closed position. so fast that the funds in the trading account is reduced.

when I found out I had just opened the wrong position entry then I immediately take a look to the higher timeframe and the possibility margin that I have to cover it? if sufficient, then I let the floating minus, but if not then I immediately opened a new position in the opposite direction to the previous position.

How about you?

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han ye to mugh se kai dafa hota ha main khud bhi akser aesi entry kar beteta houn or bad main mugh ko pata chalta ha k main ne ye entery kafi ghalat time par ki ha to us k bad main wait he karta houn takey condition mere haq main ho

l always use 1 hours chart the prevent from the wrong signals.when we will use small time frame like 5 m or 15 m we may see so many wrong signals.as long as a trader will always place his sl and tp then there is nothing to worry.but if you are very sure that it is totally wrong position then the best way is to quit from it very fast and place another order to opposite direction.

If any of us get so close it straight up from the sustained, because although there is little loss is a loss, that if the let alone make us lose some of the capital that we keep,if we need to stop until we are completely convinced by the analysis

If we are wrong in the transaction we have to get out of the market. we look again at whether there are still opportunities that we have further analysis. so that we can get a price we want and we anlisa for immediate re-entry

If by mistake I happen to open a wrong trade and I have realized it immediately I simply close it right there and then and if it is after some time I have come to know then I look at the charts and re analyze the trade and if chances are there for reversals then I keep it running otherwise I close it in loss .

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Originally Posted by joget

when I found out I had just opened the wrong position entry then I immediately take a look to the higher timeframe and the possibility margin that I have to cover it? if sufficient, then I let the floating minus, but if not then I immediately opened a new position in the opposite direction to the previous position.

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That is mean you are the impatience trader. All trader must be confident about trade decision they make whether it's buy or sell. Because to impatience only because see your trade floating minus will kill your account immediately .If i in that condition, i will wait my trade until they floating minus around 15 percent then open the hedging position with double lot.

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Originally Posted by joget

difficult for the newbie trader like me to make an entry in the right position. this is usually due to impatience in the trade. in fact rarely because of doubt and nervousness so quickly closed position. so fast that the funds in the trading account is reduced.

when I found out I had just opened the wrong position entry then I immediately take a look to the higher timeframe and the possibility margin that I have to cover it? if sufficient, then I let the floating minus, but if not then I immediately opened a new position in the opposite direction to the previous position.

How about you?

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ya bat bilkul sahi ke ha ap na newbie members ko experinece nahi hota ha or wo ya nahi daktha ka agr main entry opne karrnaoo go to mauj es main fadia ho ga ya naksan ho ga wo bus apni entry open karta han or dahakata han ka hama katina loss ho raha ha kuch to members asa be hota han jo apna balacne he kho batha han.